kiwing100 Posted January 18, 2017 Posted January 18, 2017 Links to Dear Fellow Shareholders - collection of letters by Martin Whitman https://mjwhitman.pressbooks.com/ https://mjwhitman.pressbooks.com/front-matter/introduction/ Table of contents o Important Information o Foreword o Introduction • The Roots o Equity Strategies Fund Proxy Vote o Equity Strategies Fund Investment Philosophy o Equity Strategies Fund Launches Third Avenue Funds o Inaugural Third Avenue Funds Letter to Shareholders • Investment Philosophy o Third Avenue Value Investment Philosophy o Third Avenue is Different o Consistent Performance and Averaging Down o Value Investing at Third Avenue o The Concept of Net-Nets o The Third Avenue Formula for Investing o Net-Nets on Steroids o Fundamental Finance o Third Avenue and the Efficient Market Hypothesis • Portfolio Management o Portfolio Diversification o Risk Arbitrage o Index Funds and the General Market o The Importance of Buying Cheap o The Moral Hazard Question o Third Avenue Value Fund Compared to Private Equity Funds o Risk from a Third Avenue Point of View o Securities Regulation, Disclosure and Third Avenue o Characteristics of Long-Term Investing o Thoughts on the Detroit Bailout o On Creditworthiness • Modern Security Analysis o The Unimportance, and the Importance, of Book Value o Third Avenue Approach to Valuation o Corporate Valuation o Role of Accounting in Security Analysis o Fair Disclosure o How Third Avenue uses Accounting Disclosures o Proposed Elimination of Double Taxation on Corporate Dividends o Reforming Generally Accepted Accounting Principles o So What Are Earnings, Anyway? o Conventional Security Analysts o Corporate Uses of Cash o Financial Accounting • Graham and Dodd Fundamentals o A Balanced Approach to Value Investing o Third Avenue vs. Graham and Dodd o Graham and Dodd and the Efficient Market o Graham and Dodd Revisited • Academic Finance o Modern Capital Theory and Fundamental Investing o The Third Avenue Approach vs. The Conventional Academic Approach o Third Avenue and the Efficient Market o Generally Accepted Accounting Principles and the Enron Mess o Reconciling Modern Capital Theory and Value Investing o Characteristics in Modern Capital Theory o Going Concerns and Investment Type Companies o Value Investing
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